Chipping Away at Public Debt: Sources of Failure and Keys to Success in Fiscal Adjustment

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Path-breaking research on one of the most important macroeconomic policy challenges in the post-crisis world, presented in accessible languageWritten and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes, and explaining why objectives were met in some cases but missed in others. An overview reveals pitfalls to avoid and lessons learned for securing successful fiscal adjustment.Written by experts in the fieldAddresses public concern about skyrocketing government debtsContains cutting edge research that changes the way we look at fiscal adjustmentPresents meticulous archival research in compelling and engaging case studiesExplores lessons learned and policy implications going forwardIncludes country coverage of all G7 and European Union economiesEducating and informing investors, economists, and the general public, this important book looks at why some attempts to curb debts and deficits succeed whereas others fail, as well as how to ensure successful fiscal adjustment in the period ahead.

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PAOLO MAURO is a Division Chief in the IMF's Fiscal Affairs Department. He has published several articles in top economics journals and is coauthor of Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 18701913 and Today. The IMF is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Its Fiscal Affairs Department provides policy and technical advice on public finance issues to member countries.